Governor Wike earmarks N470b for 2017 fiscal year

Rivers State Government will spend N470 billion in the 2017 fiscal year.Governor Nyesom Wike while presenting the budget before the State House of Assembly yesterday said the projected budget of N470 billion was christened “ the Golden Jubilee budget for accelerated development.”

Wike explained that the budget was aimed at heralding the historic landmark of the state which would be 50 years old next year.The Governor added, “this budget is premised on the need to consolidate on our administration’s achievements for 2016 and restore the state’s economy back to a sustained growth path and expand the economic opportunities for all”.

Of the N470 billion proposed, the government would spend N329 billion for capital expenditure, a figure which represents 70 percent of the capital estimate to the projected budget volume, N141 billion recurrent; out of which N62 billion was earmarked for personnel emolument, N20 billion for payment of pensions and gratuities.

The overhead cost is expected to gulp N17 billion while N3 billion is expected to service the Federal Government bonds.The Governor further explained that, security of lives and property, infrastructure development and maintenance; education, healthcare delivery, and empowerment would receive preferential attention.

Responding, the Speaker of the Assembly, Adam Dabotorudima, pointed out that, since the capital expenditure was higher than the recurrent expenditure, it meant that the government have the people at heart, adding that the projects in the proposed budget cuts across the 23 local government area of the state.

He however, thanked Governor Wike for bringing the much-desired development to the people of the state.Meanwhile, the budget has passed the first and seconding reading as the lawmakers immediately commenced debate on it. The budget is now on the committee stage.